In 2007 many global private pension funds were fully funded. The baby boomer retirement was still in the future. Governments were hopeful that the leverage and deregulation fueled rally would continue and pull government pensions out of the fire too. Then 2008 hit.
Who Owns the Wealth and Who Owns the Risk?
According to Willis Towers Watson Global Pension Asset Study 2018, DC are 49% of retirement plans and as this study points out “DC becomes the dominant global model. Individuals own the risk but have little control.”
The Current State of SS, Medicare, Public Pensions & Private Pensions
Medicare ran its first cash deficit in 2007, Social Security did the same in 2017. States unfunded pension liabilities now exceed $6 Trillion. Corporations would rather boost share buybacks than fund their pensions, but the PBGC is an option.
VENEZUELA OFFICIALLY RESETS THE PRICE OF GOLD
The Venezuelan government prepared for the death of their currency and in 2011 Venezuela confiscated and repatriated monetary gold. They wanted to hide the hyperinflation that ensued, so they “managed” the spot gold price. Bankers and corporations knew better, and markets reflected that, but not the official price, that remained flat. Until February 9th. On that day, gold in terms of bolivars, jumped 2,488.162 times! And that my friends, is how it is done.
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If you pay into a system: SS, Medicare, you are entitled to get stuff back. PROBLEM: 1/3 of SS and Medicare and Medicaid people have not paid into it at all